Environmental degradation puts at risk the capacity of natural capital assets to continue to generate the ecosystem service benefits upon which businesses depend. A failure to make this link exposes businesses and the financial institutions lending or investing in them to ‘hidden’ risks. The UN Environment World Conservation Monitoring Centre is working with the Natural Capital Finance Alliance to enable financial institutions to better understand, assess, and integrate natural capital-related risks and opportunities into financial decision-making. Funded by the Swiss State Secretariat for Economic Cooperation and the MAVA Foundation, the Advancing Environmental Risk Management project aims to identify and structure the information on ecosystem services and natural capital assets that financial institutions need to assess their exposure to natural capital-related risks and embed these considerations within existing risk management processes. This flyer outlines the first phase of the project and associated outputs.